Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp $SBS Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its SABESP position by 60.5% in the first quarter, selling 1.38 million shares and retaining 898,773 shares worth approximately $27.4 million.
• Other institutional investors, including Jane Street, JPMorgan, Russell Investments and Invesco, increased their holdings; institutions collectively own 10.62% of the stock.
• Analyst sentiment remains a “Moderate Buy” with a consensus target price of $183, although recent quarterly results missed expectations, with EPS of $0.07 versus $0.09 expected and revenue of $1.16 billion versus $1.23 billion anticipated.

Bank of America Corp DE reduced its position in shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp (NYSE:SBS - Free Report) by 60.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 898,773 shares of the utilities provider's stock after selling 1,377,553 shares during the period. Bank of America Corp DE's holdings in Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp were worth $27,422,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SBS. Jane Street Group LLC boosted its holdings in Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp by 349.0% during the first quarter. Jane Street Group LLC now owns 152,113 shares of the utilities provider's stock worth $2,717,000 after buying an additional 118,237 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp by 23.5% in the second quarter. Cetera Investment Advisers now owns 12,516 shares of the utilities provider's stock valued at $275,000 after buying an additional 2,383 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp by 17.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 60,488 shares of the utilities provider's stock valued at $1,329,000 after acquiring an additional 9,169 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp by 18.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 50,001 shares of the utilities provider's stock valued at $1,099,000 after acquiring an additional 7,755 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp by 22.6% during the 2nd quarter. Invesco Ltd. now owns 1,002,308 shares of the utilities provider's stock worth $22,021,000 after acquiring an additional 184,486 shares in the last quarter. 10.62% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SBS shares. Wall Street Zen cut Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp from a "buy" rating to a "hold" rating in a report on Monday. Zacks Research downgraded Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp in a research report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $183.00.

Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp Price Performance

Shares of NYSE:SBS opened at $4.61 on Monday. The company's fifty day moving average is $5.54 and its two-hundred day moving average is $75.00. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 1.02. Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp has a 12-month low of $4.18 and a 12-month high of $7.16. The company has a market cap of $16.24 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 3.92 and a beta of 0.68.

Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp (NYSE:SBS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.02). The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.23 billion. Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp had a return on equity of 14.03% and a net margin of 23.93%. Equities analysts expect that Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp will post 0.34 earnings per share for the current fiscal year.

Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp Profile

Companhia de Saneamento Básico do Estado de São Paulo (SABESP) is a Brazilian utility that provides water supply and wastewater collection and treatment services. As the principal sanitation company serving the state of São Paulo, SABESP operates a wide range of infrastructure spanning water capture, treatment plants, distribution networks and sewage systems. The company’s activities support residential, commercial and industrial customers and are focused on delivering potable water, ensuring water quality and expanding access to sanitation services.

SABESP’s service offering includes the operation and maintenance of water treatment and sewage treatment facilities, network expansion and rehabilitation, meter reading and billing, customer service and environmental programs aimed at improving sewage treatment rates and protecting water resources.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source